Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Make sure that your tax accountant understands this. 

You and your legal, tax and financial advisors should review this transaction in greater detail, especially the PLRs, to ensure you understand the significant risks involved and are structuring the transaction as close as possible to the PLRs to mitigate some of the risks.

My understanding is profit from lending is considered "taxable income" and is therefore added to your income and subject to your normal tax rate after all deductions, etc.

I would agree if we were talking about financial statements, but as I understand it, we are talking about tax basis reports.For tax purposes, one can use a modified cash basis when filing.

I have been interested in real estate investing for a long time, but never really had the community, capital, or understanding of how.

And I definitely understand that HOA fees are getting unreasonable and on top of that, insurance companies are increasing prices.My reason for moving to Miami is for better quality of life and more opportunity in other arenas as well.

If you have offers out on properties, make sure you understand the rent control levels they are under before you buy.

Many real estate agents dabble in property management without fully understanding the complexities involved, making it risky to work with them.

That's the first place to start.I can tell you what to invest in and where - but you won't listen unless you really understand this business first.